Friday, November 20, 2015

EUR/CHF drops further on Draghi

FXStreet (Edinburgh) - The single currency has depreciated further vs. its Swiss peer on Friday, dragging EUR/CHF to test 2-day lows in the 1.0840 area.

EUR/CHF weaker on euro, Draghi

The cross has met further selling pressure after President M.Draghi emphasized that the European Central Bank will do whatever is necessary to lift inflation figures in the region as soon as possible, expressing once again his concerns over the low level of Core prices.

Earlier in the session, SNB’s T.Jordan has once again noted the ‘overvalued’ condition of the Swiss franc, adding that it should be corrected over time.

EUR/CHF levels to consider

At the moment the cross is losing 0.21% at 1.0849 facing the immediate support at 1.0787 (100-day sma) followed by 1.0703 (low Aug.20) and finally 1.0501 (23.6% Fibo of 0.8695-1.1049). On the other hand, a surpass of 1.0930 (high Oct.30) would aim for 1.0986 (high Oct.2) and then 1.1049 (high Sep.11).
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